Tip of the Month

December 2008

Simple Tips to Build Your Savings

With today's economic outlook, saving for the future may not be on the top of your mind; however, it is important to continue to save what you can even in tough times.

Here are three simple steps you can take today to get started in the right direction.

1. Pay yourself first- make sure then when payday comes, a portion of your paycheck goes directly into any kind of savings account. Even a small amount each time will add up.
   
2. Reduce debt- consider consolidating debt into one payment. If that option is not available, determine your monthly payments for all of your loans and try to add a little extra to the payment in the highest rate loan to pay it off first.
   
3. Create a spending plan- knowing where your money is being spent will help make corrections in overspending. Decide on one month to track ALL expenses, once recorded categorize and organize. Make adjustments as needed.